Policy reasons.

A recent notice from the Shanghai Branch of the State Administration of Foreign Exchange stipulated that in the Lingang New Area of ??the Shanghai Free Trade Zone, qualified enterprises can register one-time foreign debts and no longer need to register foreign debts one by one.

This pilot reform of foreign debt registration management cancels the contract-by-signing registration procedures for foreign debts of non-financial enterprises, greatly simplifying the cross-border financing business process for pilot enterprises, and saving time, manpower, financial and other costs for pilot enterprises.